Econ

taxes imposed on income earned

All reported income from any source, including salary, interest income, dividend income, and capital gains recieved during the tax year

interest earned from investements in various types of savings accounts

income recieved in the form of dividends paid on shares of stock or mutual funds

income earned when an asset is sold for profit

gain on assets that were held less than 12 months

gains on assets held for longer than 12 months

the tax that is paid on a gain earned as a result of selling an asset for profit

djusted gross income for contributions to IRA's, alimony payments, interest paid on student loans, and other special circumstances

a fixed amount that can be deducted from the adjusted gross income to determine taxable income

many two-income marriagied people pay more taxes than if they were single

specific expenses that can be deducted to reduce taxable income

income tax imposed by some states on people who receive income from employers in that state

tax imopsed on a home or other real estatein the county where the property is located

the allowable amount by which taxable income is reduced for each person supported by income reported on a tax return

the tax rate imposed on any additional income earned

specific amounts used to directly reduce tax liability

tax credit allowed for each child in a household

tax credit allowed to those who contribute toward their dependents college expenses

tax free account that can be used for a variety of school expenses

credit used to reduce tax liability for low-income taxpayers